What is economics and what do economists do?

[@thefirstltd.4906]

I am from Bangladesh 🇧🇩 studying in economics and i loved the idea of giving example of forest in order to explain micro & macro economics! 🎉 I was in bba by finishing my 2nd semester I have shifted my department to Economics 🤺 I loved this video 🎉

[@BramSarjana]

A great way in explaining the complexity economics in a way simple way. Make it easy to understand

[@AnjanaSharma-eu7qf]

Yaa you are right

[@edeline9364]

I love his teaching style and this is the first time I'm watching him,

[@lavendela9403]

Love the simple forest example about macro & micro economics.

[@daeviontaylor]

I am fascinated with economics, hopefully the honeymooning doesn’t stop when I’m mid course

[@michelangelope830]

It is life or death important that humanity understand that the gold market is going to crash. Gold mining would stop destroying the planet, Russia could bankrupt and end the war in Ukraine, and fortunes would not be squandered. What can be done with the gold in reserves, that are useless inside a vault, like in the Fort Knox in America? Only to sell it. How much cost taxpayers to protect the gold? Fortunes. To sell the gold today spares to pay for the protection tomorrow. If an innocent kid received 5 sweets as pocket money every week and had 1 gram of gold protected inside a vault that could sell for 100 sweets but the protection of the mineral would cost him 1 sweet a week, when would the kid sell?

[@deadbabyjokes5319]

same! do you have any book or name to recomend?

[@jimmyli319]

It won’t really end but going to work might end this

[@kalebtomas260]

Thanks so much for good explantion, am kalib from Ethiopia, am economics student!

[@eishaayub3429]

Thank you for uploading this !

[@tickedoffsheikh8587]

what are the essential books for first economics students?

[@ferdieichhorn2911]

THANK YOU GOD BLESS YOU ALL AND YOUR LOVED ONES

[@janasafieddine]

well im 9 years old and my brother is 19 and his studying economics

[@BigBaibars]

ok

[@Michelle-xh7dh]

So you're like 15 now? Woah...

[@subrotochatterjee5788]

The way I see it is that the vacuum and the falling objects are predictable phenomena. The leaves falling during a windy day is not. Economics is not an exact predictable science. There are numerous incidences in history that bear testimony to this fact: The Great Depression, the financial bubbles from wall Street, etc. experts notwithstanding.

[@kopilalimbu6725]

Thank yuh sO much for wounderful explain

[@Supersmedicatedworld]

Tell me why I just smoked a fat doobie and went down the KZbin rabbit hole and ended up watching an economics lecture 😂

[@talicatinai2637]

Where can I buy Mr Greenspan's book , " How to Sabotage the Wealth of any Country ?

[@amykay2292]

I'd wanna know too

[@ashnabali5013]

Informative and interesting!

[@kentheengineer592]

Scarcity is An Issue of The Utility of Built Systems & Process Engineering

[@rajivguchidakme4217]

Thank you sir....great

[@clarestucki5151]

There are no 'classical' (true) economists of the Adam Smith mold around today. Contemporary "economists" ar all political economists, not concerned with achieving maximum outputs with minimum inputs. but only concerned with how outputs are redistributed once they are produced.

[@SBBTnomore]

well, I’m usually not one to critique very small things but definitions are particularly important to me. I don’t necessarily have an issue with this definition of economics, but I think it uses unnecessary words. Simply calling it the scientific study of human action is a better way of doing it because all purposeful action already involves scarcity. It’s presupposed by the very fact that action even exists.

[@yicancu56]

I don't understand the quote about how economists solve problems like leaves falling in a vacuum. Can someone elaborate on this please? The quote is at about 5:25

[@mechwarrior52]

In the vacuum. There is no wind. Therefore it's really easy to predict where the leaf will fall. But outside in a windy day there are so many factors influencing the fall of the leaf which makes it hard to predict where the leaf will land. The vacuum is the theory world of economics and the windy day is the real world. That is how I interpret it.

[@yicancu56]

@@mechwarrior52 Ah makes sense. Thank you to the 4 years of UofT economics as that phrase just went right over my head.

[@muhammedsbah8510]

Thanks a lot for the lectures

[@trajith]

This shows an extra vision of economics. Think deeply and solve problems at the grassroot level

[@anzelaaasworld5632]

Perfect explainig from professor!

[@psikeyhackr6914]

They rationalize and justify the economic power game as designed and evolved by European culture. The economic wargame is a continuation of the military wargame by other means. They ignore the depreciation of Durable Consumer Goods. How many automobiles have American consumers trashed since Sputnik? Running a planet of 7 billion people on defective algebra makes so much sense.

[@geovannaferreirat]

I'm gonna use it for my essay

[@manasikulkarni7637]

Excellent video

[@oziomamercy4443]

Economics also help in an industry.

[@rominacommey4905]

I love it ❤️❤️

[@mazhriqballmazhriiqballl5338]

Great

[@a..indiangirl4106]

Amazing, superb . 😇😇😇

[@kentheengineer592]

Humans Reuse Food & Fluids All The Time the Difference Has to Do woth Comparing the Velocity of the transformation of resources to and from the lifecycle of a closed loop system

[@78Piovesan]

Economists DO have experiments (lab, field, internet, natural, etc.)

[@emmanuelameyaw6806]

Yh... micro experiments. But he was talking about the economy...thus, macroeconomics as he used the term, 'economy'. We don't have controls experiments in macro as there are no controlled economies to perform counterfactual analysis as we do, for example, in developement and applied economics using RCTs

[@manan2724]

Thanku sir

[@amanvijayjindal5742]

Every resource is scarce

[@janasafieddine]

and love this video

[@saulgerardoaristasanchez460]

estoy aqui porque me lo encargaron los del ceu

[@edrowinzky6264]

Mi hijo es economista graduado de USC y solo hacen dinero para corporaciones y para ellos... Los demas seguimos igual😂

[@MegaAnoop]

Extremely super guru

[@aa-dw8ws]

Yeet, thx m8 👍

[@JasonGafar]

He's so funny.

[@gregoryillinivich5328]

its a whole lot of nothing

[@MensenKotile]

The word economy, consider the others side of the world😢😮😊

[@andrew_owens7680]

"Everyone operates from incentives." I really don't want the sewer systems operating on a ROI model.

[@guliyevshahriyar]

🙌🏻🙌🏻🙌🏻🇦🇿

[@Lando-Calani]

started well but then got off the way

[@emmanuelameyaw9735]

Funny 😂😂.

[@nagarajkuragayala1621]

Very baddddd

[@tusharchandra5717]

This Man seems very anxious

[@eishaayub3429]

Thank you for uploading this !

[@rosetteyakoto3070]

Economics is what economists do 👌 I like this definition. Thank you Dr Pete